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About Eat My Lunch | Lunch Bonds

Eat My Lunch was conceived in response to big social issues happening right here in our own backyard. With 29% of Kiwi kids living in poverty and thousands going to school everyday without food, we decided to use our corporate experience to do something that really mattered.

We believe that clever business solutions can help solve social issues, so we created an innovative business model that intrinsically links a social objective into the heart of a for-profit business. The model is sustainable, scalable and enables Kiwis to help other Kiwis.

In just 12 months, we have made >325,000 lunches and given 180,000. In 2016, we expect to make 500,000 meals and give 250,000. The potential and need is huge but we need your help to grow!

As part of our ethos, we want every Kiwi to be able to participate in our journey. To reflect our social mission we have created the ‘Lunch Bond’ – an offer that enables every Kiwi to participate and also includes the Giving of lunches to Kiwi kids.

The Lunch Bonds Offer

You can choose between two combinations of interest and giving under the offer:

The Lunch Bonds have a term of 5 years.

We are offering a maximum of $1million principal amount of Lunch Bonds.

The offer is conditional on reaching a minimum principal amount of $500,000.

The minimum investment amount for each investor is $1,000.

Example of Repayment Schedule for $5,000 Investment based on 6% Interest Option:

What Are We Raising Money For?

EML exceeded its 3 year forecasts within 3 months of launch, becoming profitable after 6 months. We are aiming to raise $1,000,000 to deliver our strategy and double in size.

About our Team

Lisa King - Founder & Director Lisa is a senior marketer with 15 years experience in blue chip FMCG companies (Unilever UK, Watties, PepsiCo, Cadbury, Fonterra). Through her love of food and desire to do something for kids going without, she came up with the idea for Eat My Lunch. Lisa is the front person for Eat My Lunch and leads sales and marketing.

Iaan Buchanan - Co-founder & Director Iaan spent 10 years as a food technologist, followed by 15 years in senior marketing roles in New Zealand (Marketing Manager of V Energy Drinks and Marketing Director of Cadbury). With Iaan’s commercial and strategic skills he oversees the financial and supply chain functions of the business.

Michael Meredith - Chef, Owner of Meredith’s Samoan born chef, Michael was recently voted Restaurateur of the Year by Metro Magazine. Michael is a philanthropist, running ‘Dine by Donation’ nights at his restaurant to support charities and also supported the Green Party’s ‘Feed the Kids’ bill. Michael acts as in a consulting role in the kitchen as well as being the face of EML.

Derek Handley - Investor and Advisor, Founder of Aera Foundation Derek recently joined Eat My Lunch as their key business advisor and mentor. Derek was New Zealand’s youngest managing director of a listed company and has featured on the Silicon Valley 100 list of the most influential people in technology. In 2011 he donated a year of his life to help Sir Richard Branson and the Virgin Unite Foundation drive greater social change through business. He recently founded the Aera Foundation which invests and supports new companies and causes addressing social issues in an innovative way.

What we've done so far

Eat My Lunch has made a large impact in a short amount of time and become a vehicle for Kiwis to help other Kiwis.

In just 12 months, EML has made over 325,000 lunches, Giving 180,000 to kids in 32 low decile schools in Auckland and Hamilton.

Risks and Challenges

Note from PledgeMe

We have completed a Veda check on the company and their directors, as well as a Google check. There were no adverse findings.

Updates

WE DID IT!

Thank you all so much for your support. Yesterday, we hit our minimum target on this campaign, making crowdlending history in NZ! That’s half a million pledged to help feed Kiwi kids. And, you’re the people that pledged it. Thank you, thank you, thank you!

With this money, we will be able to launch in Wellington in term three and improve our underlying technology.

Here’s some of the coverage we’ve gotten so far about meeting our goal:

We were mentioned on Morning Report on Radio NZ, and interviewed on Radio Live yesterday.

As well as a wave of social media support from many of you!

We’d obviously love to get to our maximum goal of $1million as it’ll mean more kids fed, both directly from the pledges, and from what we’re doing to scale Eat My Lunch. So if you’re up for it, we’d love for you to share our campaign one more time in the final countdown.

28 hours to go!

Cheers,

Lisa, Michael and the Eat My Lunch team

Ps. Here’s an image of a note we got from a teacher at a school we provide lunches to. This is why we do what we do.

Comment on this update:

200,000 lunches + (over) $200,000 pledged

This last week marks two major milestones for Eat My Lunch – with your help we have delivered 200,000 Give lunches to hungry Kiwi kids in 33 low decile schools across Auckland and Hamilton! This is an incredible amount of lunches and we couldn’t have done it without you, so THANK YOU!!

This also coincides with us reaching $200,000 worth of investment on this campaign. Thanks so much for your help so far by pledging to our campaign, and thanks for sharing our campaign with your crowds as well. We’re 40% funded, but need to hit our minimum goal in order to help us launch Eat My Lunch in Wellington and other places in NZ, as well as upgrading our technology to support us with the growth. Obviously, the more lunches we can sell, the more good we can do (and the need is huge, not just only in Auckland).

Thanks again for your support!

Lisa, Michael, Iaan, Derek and the Eat My Lunch team

Comment on this update:

Thank you, thank you, thank you!

Just over a week ago we launched the first crowdlending campaign in New Zealand.

Since then, we’ve had $141,000 pledged to our campaign, and a groundswell of support (both in real life and inthemedia). And you were one of our “First 50”. It means so much that you’ve come on board to fund our growth plans, so we can make the biggest impact possible.

We need a bit more help though. Could you:

Share what we’re doing with your networks - either directly, online, or in person: pldg.me/eatmylunchbond or the link to our video.

Come along (or invite other potential lenders) to our:

Wellington Meet and Greet, we want to meet you! It’s this Monday, 27 June from 5-7pm at the Southern Cross. RSVP here.

Auckland Breakfast, come see the space in action! We’d love to thank you in person, and answer any questions you might have, at our investor meet and greet next Friday 1 July from 8-9am. RSVP here.

Thanks for being one of our early supporters. We really appreciate it.

Cheers,

Lisa, Michael, Iaan, Derek and the Eat My Lunch team

Comment on this update:

Financial Summary

Prev Year

Current Year

Est. FY 2018

Est. FY 2019

Revenue

$798,000

$2,689,000

$4,676,000

$5,589,000

Operating Expenses

$239,000

$797,000

$1,296,000

$1,461,000

EBITDA

$41,000

$319,000

$605,000

$898,000

Net Profit

$24,000

$155,000

$328,000

$541,000

Organisation Information

Organisation Name:
Eat My Lunch | Lunch Bonds

Organisation Type:
Company

Organisation Number:
5487501

Incorporation Date:
October 2015

Street:
5 Galatos St

Suburb:
Newton

City:
Postcode

Organisation documents

This campaign has closed, so its documents are no longer available for download.

Please can you provide significantly more financial detail than is listed in the IM. For example it is unclear the extent to which your figures include payment to workers - at some stage people may realise this is a very profitable business rather than a charity and want some payment. Additionally you obtained donations to enable you to find premises. To what extent is the rental on this covered by the donations and when will it be paid as an expense? Further there is a risk that your sponsors will no longer support the business - what cost is involved with this sponsorship and how will it affect cost if they are removed? Finally do you have sponsorship from suppliers? and if so to what extent would the removal of that sponsorship affect gross margin?

Hi, please note that the financials does include salaries and wages for all staff. The volunteers only work on the Give lunches for the schools and we have 18 paid staff working on the lunches that our customers buy.
We obtained some money from our PledgeMe Rewards campaign which went towards the fit out of our new premises and that has all been paid.
We don't receive a lot of donations/sponsorships - this model is a commercial setup and doesn't rely on sponsors. There is no allocation of sponsorship revenue in the assumptions.
Thanks.

Hi, interest and principal repayments are managed by PledgeMe and are paid into your designated bank account. RWT will be accounted for and paid on your behalf by PledgeMe so that the interest you receive is net of tax. Thanks!

No need to apologise...it's a little bit tricky. There are two elements of return on the amount that you choose to lend...financial return in the form of interest paid to you and social return in the form of lunches given to children.

The interest that you earn — if you choose the 6% interest option — is a percentage of the amount that you pledge. To give you a rough example, if you lend $5,000, you will earn $300 interest in year one. The slightly complicated aspect of the loan is that you are also being repaid a part of your $5,000 in each of the five years ($1,000 each year) so in the first year you'll earn roughly 6% of $5,000 ($300), in the second year you'll earn 6% of $4,000 ($240), in the third year you'll earn 6% of $3,000 ($180) and so on.

If you choose the 0% return option, instead of earning interest you'll be giving double the amount of lunches to Kiwi kids every month.

If worst comes to worst you'll just lose your pledge amount although we have been pretty conservative with our forecast and have already proven a successful business model.

You won't be able to reinvest your return but you could choose to buy more Give Two lunches directly if you want to continue contributing to our cause.

Love what you guys do, well done! I have a few questions: What is your current customer churn rate? How much have you budgeted for your customer acquisition cost to continue to grow your Auckland and Wellington customer base and how does it compare to what you have spent so far? $310,000 for an e-commerce engine appears to be a lot of money for a young company: could you please detail the investment? Lastly if you believe the forecasts are conservative and the loan could easily be repaid would you consider giving a personal guarantee?

Hi Stephen, if we reach our minimum by Friday 15th July, 5pm, the pledged amount will be taken within five working days of your identity being verified. So, typically, within a week of the campaign closing. Thanks!

Hi, most of the schools we Give lunches to are decile 1-2, however we do also provide to some decile 3 and 4 schools. We are happy to Give lunches to schools where there is a need regardless of their decile rating. Thanks.

Hi, Can you please tell me what happens to your profits - what happens - for example - if you were to make a two million profit? Also, how does sustainability feature in terms of your purchasing decisions (e.g. do you consider what veggies you purchase in terms of their environmental impact)?

Hi, we are a start up and for the short and medium term, our objective is to expand and grow so we can Give lunches to as many kids in need as possible. Our profits will be re-invested to help achieve this. Because of the business model we run, we have a minimal food waste system and the choices we make around our food supply are based on seasonality, variety and better nutrition. Thanks!

LENDING CAMPAIGN

Interest

Term

Repayments

Security

This project was successful and got its funding on 2016-07-15 05:05:47.

Lender Perks

NZ $1,000+; 0.00% interest

0% Interest & Two lunches Given

0% cash interest on your bonds and two lunches given monthly to a kiwi kid for every $1,000 lent

NZ $1,000+; 6.00% interest

6% Interest & One Lunch Given

6% cash interest on your bonds and one lunch given monthly to a kiwi kid for every $1,000 lent

Warning statement about debt crowdlending

Risk is a part of any loan between a borrower and lenders.
Borrowers accept that they have a responsibility to do all that they can to fulfill the repayment commitments that they have made to lenders.
Lenders recognise that some or all of the money that they lend may not be returned and that they willingly choose to take on this risk in return for potential reward.